Santander rises 32% net profit to March for minor … – Investing.com Spain

MADRID (Reuters) – Banco Santander (MADRID announced Tuesday an increase of 31.8 percent to 1.717 million euros in net profit for the first quarter results that collected lower provisions against bad debts.

Analysts polled by Reuters had expected a net profit of 1,714 million euros.

Meanwhile, net interest income rose by 15 percent to 8.038 million, while gross margin rose by 13 per percent to 11.444 million.

Analysts had been expecting an interest margin of 7.852 million euros and a gross margin of 11.045 million euros.

In a time when institutions are struggling to improve their profitability ratios, Santander ended the first quarter with a ROTE (return on equity excluding goodwill) of 11.5 percent compared to 10.2 percent at the end of the fourth quarter.

In its 2017 strategic plan, Santander expects to reach a ROTE of between 12 and 14 percent.

Santander later stated in a general way in a presentation that was on track to meet your goals 2017.

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